The time has arrived for mandatory climate reporting in Australia with the draft release of the Australian Sustainable Reporting Standards (ASRS). The Australian Government has announced its commitment to introducing internationally-aligned mandatory climate reporting for large businesses. The proposed commencement date for businesses varies, depending on their size with the earliest reporting date from July 2024.
The below table provides a summary of the proposed roadmap for the commencement of mandatory sustainability reporting in Australia. A business will be required to meet the reporting obligations where they meet two of the three thresholds.
So, what does this mean for small and medium businesses (SMBs)?
The implications for SMBs are already being felt with growing supply chain expectations to provide carbon emissions assessments. Most small to medium businesses will form part of the scope 3 emissions for larger reporting entities or government agencies. As larger businesses begin to prepare their baseline carbon assessments and government agencies implement emissions targets, smaller businesses will be increasingly expected to provide their impact on the emissions factor for reporting entities.
Having a clear understanding of your carbon footprint and what makes up your emissions “number” is becoming increasingly critical. Power Tynan has an experienced team who provides ESG support services to assist businesses with sustainable business strategy and planning, carbon accounting including baseline and ongoing footprint assessments, as well as providing carbon measurement readiness support and training. Don’t leave it to the last minute, there is a bit of work in ensuring that you are collecting the correct data, ensuring your storing it in a useable format etc, it all takes time. Contact us and we can talk you through the process.
Power Tynan has also launched a suite of ESG and Carbon Workshops delivered in collaboration with Natural Capital Co. The workshop series is designed to provide a comprehensive understanding of ESG principles, carbon foot printing and the creation of net-zero pathways for businesses. It gives you the understanding of the theory but most importantly the practical rollout of what you will need to do in your business.
To register your interest in our workshops or for more information on our ESG services, please contact Amanda Kenafake or your Business Adviser today.
